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2 Copyright Copyright 2005 Intuit Inc. All rights reserved. First printing, July 2005 Intuit Canada Box 4182 Edmonton, Alberta T6E 4T2 Trademarks and Patents Important STATEMENTS IN THIS DOCUMENT REGARDING THIRD-PARTY STANDARDS OR SOFTWARE ARE BASED ON INFORMATION MADE AVAILABLE BY THIRD PARTIES. INTUIT AND ITS AFFILIATES ARE NOT THE SOURCE OF SUCH INFORMATION AND HAVE NOT INDEPENDENTLY VERIFIED SUCH INFORMATION. THE INFORMATION IN THIS DOCUMENT IS SUBJECT TO CHANGE WITHOUT NOTICE. Macromedia Shockwave Player and Macromedia Flash Player Copyright Macromedia, Inc. All rights reserved. Macromedia, Shockwave, and Flash are trademarks of Macromedia, Inc. Intuit, the Intuit logo, QuickBooks, EasyStart, QuickBase, Quicken, TurboTax, QuickTax, ProSeries, WillExpert, Lacerte, EasyStep, and QuickZoom, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Other parties trademarks or service marks are the property of their respective owners and should be treated as such. Various QuickBooks products and services are protected by one or more of the following U.S. patents: , , , Terms, conditions, features, service offerings, prices, and hours referenced in this document are subject to change without notice. We at Intuit are committed to bringing you great online services through QuickBooks. Occasionally, we may decide to update our selection and change our service offerings, so please check for the latest information, including pricing and availability, on our products and services. My QuickBooks account details: QuickBooks License Key: QuickBooks Customer Number: Installation Key Code (IKC) :

3 Contents Chapter 1 Welcome to QuickBooks, 1 Where to start, 2 If you re new to QuickBooks, 2 Using this guide, 2 Chapter 2 Setting up a new company, 3 Decisions to make before you start, 4 Locating an advisor to help you with QuickBooks, 4 How many companies should you set up?, 5 What accounting method should I use?, 6 What accounting do I need to know?, 7 What s the best way to track my type of detail?, 10 Reports to measure profitability, 14 Setting up your company in QuickBooks, 17 Determining a start date, 17 Information to collect, 18 Using the EasyStep Interview, 20 Should I track customers and jobs?, 22 What does QuickBooks mean by a customer?, 22 What does QuickBooks mean by a job?, 22 Changing the opening balance for a customer or job, 23 Why you probably need to set up items, 24 Items for what you sell, 24 Items for services or products you purchase, 25 Deciding how items should affect accounts, 26 How many different items do you need?, 27 Setting up items, 28 Where to find information about your items, 28 Types of QuickBooks items, 30 Setting up your items with different units of measure, 32 Reporting in different units of measure, 36 Adding items to your Item or Fixed Asset Item list, 37 Items for reimbursable costs (QuickBooks Pro and better), 38 iii

8 Chapter 8 Time and cost tracking, 221 Should I track time?, 222 Should I make time billable?, 222 Should I track time for subcontractors?, 223 How much detail should I track for time activities?, 223 Setting up QuickBooks to track time, 225 Setting up to use time tracking with payroll, 226 Viewing, editing, and printing time data, 226 Setting up and using the Timer, 227 How the Timer works with QuickBooks, 227 Setting up the Timer, 228 Using the Timer, 229 Importing Timer data into QuickBooks, 232 Using the Stopwatch to time an activity, 233 Entering time manually into QuickBooks, 234 Paying for time worked, 235 Charging customers for time worked and other costs, 238 Timer Reference Sheet, 244 Appendix A Contacting Intuit, 247 QuickBooks Support, 248 Telephone support, 248 Web-based support, 248 Miscellaneous services, 249 Solving problems on your own, 249 Speaking with a QuickBooks Product Expert, 250 Intuit Contact Information, 251 Ordering QuickBooks products and services, 251 QuickBooks activation, 252 QuickBooks delivery, billing, and account inquiries, 252 QuickBooks product support, 253 Glossary of terms, 255 Index, 259 viii

9 C h a p t e r 1 Welcome to QuickBooks How do I use this guide? Welcome to QuickBooks! This user guide is designed to help you learn how to use the most-common features of QuickBooks. Chapter 1 The User Guide covers QuickBooks Pro, QuickBooks Premier and the QuickBooks Premier Industry-Specific Editions. When the name QuickBooks is used, it refers to any of these programs. When there is an important distinction between the versions of QuickBooks, the proper name of the software is used in the text. 1

10 Where to start If you re new to QuickBooks Read the Installing & Learning to Use QuickBooks guide. It contains information on the following: installing QuickBooks hardware, software and network requirements activating QuickBooks setting up multiusers introduction to some essential tasks such as adding customers, vendors, accessing the in-product help, creating an account, tracking sales tax and setting up payroll to name a few Using this guide The QuickBooks User Guide is meant to help you get the most out of the features that QuickBooks has to offer. Once you have read the Installing & Learning to Use QuickBooks guide and you have become familiar with the basic functionality of your software, look to the User Guide to get more comprehensive instructions on QuickBooks and its features. This guide also provides some business concepts to help you better understand some of the accounting concepts used in QuickBooks. 2 Chapter 1 Welcome to QuickBooks

11 C h a p t e r 2 Setting up a new company Decisions to make before you start Setting up your company in QuickBooks Should I track customers and jobs? How to set up your business in QuickBooks Why you probably need to set up items 24 Setting up items 28 Working with items Final steps to complete your setup Things to think about after you re finished This chapter tells you what information you need to gather to set up your company in QuickBooks. It also helps you make choices as you set up your company and suggests things you should do after you complete your setup. Chapter 2 Connect QuickBooks to the Internet Update QuickBooks to the latest release

12 Decisions to make before you start In QuickBooks, a "company file" contains all the financial records for a single business. Before you can use QuickBooks, you need to tell QuickBooks about your business so that it can set up your company file. Locating an advisor to help you with QuickBooks Tip: Professional accountants and consultants can help set up your company file for you. To help small businesses find these professionals, Intuit Canada manages a referral service through the IntuitAdvisor program. The referral service connects small businesses working with QuickBooks with accountants or consultants who are knowledgeable in QuickBooks. The service is free - you simply pay the advisors fee for specific services you need. These accountants and consultants possess the tools, resources, and knowledge to help you set up and maintain, and optimize QuickBooks so that you can manage your business better. You can locate a QuickBooks IntuitAdvisor in your area by using our no-cost online referral service on the QuickBooks web site (http://www.quickbooks.ca//). We suggest that you select two or three advisors and contact each to determine who would be right for your business. The advisor you select will provide you with information about his or her fees. Becoming an IntuitAdvisor If you are an accountant, bookkeeper, or computer consultant who supports small to medium business clients, you may want to consider becoming a member of this unique community. The program is intended to provide additional support to those people who service the needs of small business clients. It s a great way to learn more about QuickBooks as well as help you build your business. By joining the program, you will receive the latest version of QuickBooks plus all updates for it and payroll changes, additional training materials, invitations to training courses, informational s, access to an online forum, and referral programs. If you like, you can also have your name listed on our Web site to attract new QuickBooks clients. To become an IntuitAdvisor or find one near you, visit the QuickBooks Web site (http://www.quickbooks.ca//). 4 Chapter 2 Setting up a new company

13 How many companies should you set up? The Canada Customs and Revenue Agency (formerly called Revenue Canada) requires that for each business you have, you clearly show its income and expenses. For tax purposes, it s usually best to set up a separate QuickBooks company for each business that files its own tax return. For example, if you have two shops and file one tax return for each, you need to set up two company files in QuickBooks. However, if you have a farm that grows wheat and raises pigs and you file only one tax return for the entire operation, you only need one company file in QuickBooks. In cases like these, in which you have one business but need to track different segments of it, set up one company file in QuickBooks and use classes. These are a way of categorizing income or expenses within income or expense accounts. For example: Use classes to track the following Account executives Partners Construction industry standard categories (General, Site Work, Concrete, Masonry, and so on) Departments Funds (General, Building, Outreach, and so on) You could start with two main classes for restricted and unrestricted funds, and then make each fund a subclass of a main class. Locations (if the business has more than one) Manufacturers or Product lines Industry examples Advertising, Consulting Law firms, Consultants Construction contractors Businesses that budget by department, Retailers Nonprofit organizations, Religious groups Restaurants, Retailers, Service businesses Distributors, Manufacturing reps, Sales agents You can set up subclasses of existing classes if you need to subtotal information about classes on reports. To learn about Turning on the preference for using classes Adding classes and subclasses Search the Help index for classes, turning on in QuickBooks classes, adding Decisions to make before you start 5

14 What accounting method should I use? Cash versus accrual bookkeeping There are two common methods of bookkeeping: cash and accrual. Your method determines how you report income and expenses on your tax forms. When you begin your business, you need to decide which bookkeeping method to use. The Canada Customs and Revenue Agency (CCRA) requires accrual-based bookkeeping for businesses that collect GST except for farmers, fishers, and a few other specified businesses. Check with your accountant or the CCRA before you make your choice. It s best not to switch to a different accounting system after you ve selected one. However, you can switch between cash and accrual reports in QuickBooks at any time, without affecting your accounting records. By default, QuickBooks creates reports on an accrual basis. To change reports (except a transaction report) to cash basis, search the Help index for "Reports: cash vs. accrual." Cash basis Some small businesses record income when they receive the money and expenses when they pay the bills. This method is known as bookkeeping on a cash basis. If you ve been recording deposits of your customers payments but haven t been including the money customers owe you as part of your income, you ve been using cash basis accounting. Similarly, if you ve been tracking expenses at the time you pay them, rather than at the time you first receive the bills, you ve been using cash basis accounting. Accrual basis In accrual-basis bookkeeping, you record income at the time you make the sale, not at the time you receive the payment from the customer. Similarly, you enter expenses when you receive the bill, not when you pay it. Most accountants feel that the accrual method gives you a truer picture of your business s finances. How your bookkeeping method affects QuickBooks QuickBooks allows you to enter your transactions the same way no matter which method you use for taxes. When you first install QuickBooks; however, it uses accrual-basis accounting by default. For example, it shows income on a profit and loss statement for invoices as soon as you record them, even if you haven t yet received payment. It shows expenses as soon as you record bills, even if they are unpaid. You can see any report (except transaction reports) on a cash basis by changing the reporting preference. (For more information, search the Help index for Reports: cash vs. accrual. ) 6 Chapter 2 Setting up a new company

15 What accounting do I need to know? Using QuickBooks requires very little accounting knowledge. You need to understand a chart of accounts and the different types of accounts on it. You don t have to know about debits and credit, journal entries, or closing periods. Your company s chart of accounts When you keep books for a business or organization, you want to track where your income comes from, where you put it, what your expenses are for, and how you pay them. You track this flow of money through a list of accounts called the chart of accounts. Your QuickBooks chart of accounts can have: Balance sheet accounts Income accounts Expense accounts Cost of goods sold accounts Non-posting accounts (includes purchase orders and estimates, which don t appear on your balance sheet) Some of these accounts are created for you automatically. For example, the first time you create an invoice or statement charge, QuickBooks automatically creates an accounts receivable (A/R) account. You ll add other accounts, such as your chequing account, during setup using the EasyStep Interview. You can create and modify your accounts as needed at any time. Types of accounts Balance sheet accounts Your chart of accounts includes balance sheet accounts. These accounts track the following: What you have (assets) What people owe you (accounts receivable) What your company owes to other people (accounts payable and other liabilities) The net worth of your company (equity) Decisions to make before you start 7

16 The following table describes the various types of QuickBooks balance sheet accounts. Balance sheet account type Asset Liability Equity QuickBooks account type Bank Accounts Receivable (A/R) Other Current Asset Fixed Asset Other Asset Accounts Payable (A/P) Credit Card Other Current Liability Long-Term Liability Equity Use to track What you have and what people owe you Transactions in chequing, savings, and money market accounts. You can also use this type of account for petty cash. Transactions between you and your customers, including invoices, statement charges, payments from customers, deposits of customer payments, refunds, and credit memos. QuickBooks automatically creates an A/R account when you first create an invoice or statement charge. Assets that are likely to be converted to cash or used up within one year, such as the value of your inventory on hand, notes receivable due within a year, prepaid expenses, and security deposits. Depreciable assets your business owns that aren t liquid (not likely to be converted into cash within a year), such as equipment, furniture, or a building. Any asset that is neither a current asset nor a fixed asset, such as long-term notes receivable. What your company owes to other people Outstanding bills. When you first enter a bill, QuickBooks automatically creates an A/P account. Credit card transactions for your business expenses. One account per credit card. Liabilities that are scheduled to be paid within one year, such as sales tax, payroll taxes, accrued or deferred salaries, and shortterm loans. Some businesses include the current portion of longterm liabilities in this kind of account. Liabilities such as loans or mortgages scheduled to be paid over periods longer than one year. Net worth of your company (equity = assets liabilities) A company builds equity from three sources: Investment of capital in the business by the owners Net profit from operating the business during the current accounting period Retained earnings, or net profits from earlier periods that are carried forward into the current fiscal year and that have not been distributed to the owners 8 Chapter 2 Setting up a new company

17 Balances for balance sheet accounts The Chart of Accounts window shows a balance for each balance sheet account (except for the special equity account, Retained Earnings). One of the first things you should do when you open a business is open a business chequing account. If you have multicurrency turned on, the Chart of Accounts also shows the currency denomination of the account. For more information on multicurrency, see Doing business internationally on page 157. Income and expense accounts Income and expense accounts track the sources of your income and the purpose of each expense. When you record transactions in a balance sheet account, you usually assign the amount of the transaction to one or more income or expense accounts. For example, you not only record that you took money out of your chequing account, but you keep track of what you spent the money on, such as utilities, advertising, or office supplies. There are no registers for income and expense accounts, but you can create reports to show totals for these accounts over a period of time. Cost of goods sold (COGS) account Many businesses that track inventory have one cost of goods sold account, which is similar to an expense account. A COGS account contains the cost of inventory you have sold. Decisions to make before you start 9

18 What s the best way to track my type of detail? The following table describes situations that require a business to track a particular type of detail. The table suggests the best way to track this detail in QuickBooks. Situation How to record in QuickBooks Comments For more... You need to track details of services you re providing or products you re selling. Set up items on the Item list for your services and products. Record the sale, using the appropriate items. On sales forms you can edit the item descriptions to add detail you want the customer or client to see. You can get reports about the items for services and products that you have sold, including quantities and dollar amounts by item. search the Help index for: items Also see Setting up items on page 28. You need to track multiple jobs for the same customer. Set up jobs for the customer on your Customer:Job list. When entering any sales for a job, enter both the job and customer name in the Customer:Job field. Reports by customer or by job give subtotals by job and then a total of jobs for the customer. search the Help index for: jobs, setting up You need to track expenses by customer or job. If you don t have QuickBooks Pro or better, turn on the preference for tracking expenses by job. When entering any expenses for a customer or job, enter the customer name or the job and customer name in the Customer:Job field. You can track expenses by customer alone if you don t use jobs. The profit & loss by job report lists both income and expenses with a separate column for each customer and job. search the Help index for: customers, adding new profit and loss reports You need to track income and expenses by fund, location, department, or business segment. Examples: religious and arts organizations, retail stores with multiple locations Turn on class tracking, and set up a class on your Class list for each fund. On every transaction, enter a class as well as an account (where appropriate). The profit & loss by class statement has a column for each fund (class), so you can see income and expenses by fund. search the Help index for: classes, turning on in QuickBooks You have employees and need to see detail about payroll taxes and other payroll expenses. Example: any company with employees Use the QuickBooks payroll feature to track your payroll. The payroll reports show all your payroll information. See Setting up payroll: an overview on page 175 You need to track certain details about your customers and vendors. Example: payment terms, customer s sales tax, customer s ship to address, T4-A information, your account number with a vendor Find and fill in the appropriate field in the New or Edit Customer window or the New or Edit Vendor window. The field you want may be on the Additional Info tab. If you set up customers and vendors by using the Quick- Add option, go back later, to add missing information. search the Help index for: customers, adding new customers, editing information for vendors, adding, adding a vendor vendors, editing information for 10 Chapter 2 Setting up a new company

19 Situation How to record in QuickBooks Comments For more... You want to see reports for a particular group of customers, jobs, or vendors. Examples: residential vs. commercial customers; remodeling jobs vs. new construction; vendors that sell materials vs. subcontractors When setting up a customer, job, or vendor, assign a type. (Job types are available only in QuickBooks Pro and better.) You can filter a relevant report to limit the transactions to those for customers, job, or vendors of the type (or types) you specify. You can filter a report of your Customer:Job list or Vendor list to limit the names to those for the type (or types) you specify. search the Help index for: customer types job types vendors, adding report customization On your Item list, you want to group similar items together. Example: A school store wants to group clothing items and also group book items Set up a main, or parent, item (for example, clothing). Then set up subitems of the parent item (for example, T-shirt, cap). Use the appropriate subitem when entering a sale or purchase of items. On reports that summarize amounts by item, Quick- Books provides an amount for each subitem, and then a subtotal for all subitems of the same item. search the Help index for: subtotals, on sales forms You want to track information that QuickBooks doesn t already track for customers, vendors, employees, or the items you sell. Examples: patient s insurance company, item size or colour Set up a custom field for tracking the particular kind of information. Fill in the custom field, where relevant, for new and existing customers, vendors, employees, or items. To display and print the custom field on sales forms or purchase orders, customize the form to add the new field. You can use the same custom field for customers, vendors, and employees if you choose. Custom fields for items are only for items you sell or purchase (services, parts, and other charges). You can filter a relevant report to limit the transactions to forms that have specific text in a custom field. search the Help index for: custom fields, about estimates, customizing On your profit and loss statement, you want to see subtotals for accounts that have something in common. Example: A construction company wants a subtotal for construction income for labour, materials, and subcontractors Set up a main, or parent, account for the subtotal (for example, construction income). Then set up subaccounts of the parent account (for example, labour, materials, subcontractors). Use the appropriate subaccount when QuickBooks requires you to specify an account. On reports that summarize amounts by account, Quick- Books provides an amount for each subaccount and then a subtotal for all subaccounts of the same account. search the Help index for: subaccounts, then click the link Why use subaccounts? Decisions to make before you start 11

20 Tracking income and expenses with classes Do you need to track income and expenses for separate parts of a business or organization? The following table has examples of what you can track by using classes in QuickBooks. (The word class has nothing to do with teaching or learning instead, it is a way of classifying income or expenses in addition to assigning an income or expense account.) Use classes to track the following Account executives (particularly useful if you plan on using an employee incentive program linked to the employee s business goals and profitability) Construction industry standard categories (General, Site Work, Concrete, Masonry, and so on) Departments Funds (General, Building, Outreach, and so on) You could start with two main classes for restricted and unrestricted funds, and then make each fund a subclass of a main class. Locations (if the business has more than one) Manufacturers Partners Product lines Industry examples Advertising PR Consulting Construction contractors Businesses that budget by department Retailers Nonprofit organizations Religious groups Restaurants Retailers Service businesses Distributors Manufacturing reps Law firms Consulting Any other partnerships Distributors Manufacturing reps Sales agents After you set up classes, you can enter them on any income or expense transaction including payroll transactions. You can t assign classes to transactions that involve only balance sheet accounts (for example, transfers from chequing to savings, setup of inventory, setup of fixed assets). You can set up subclasses of existing classes if you need to subtotal information about classes on reports. To learn about Turning on the preference for using classes Entering a class on a transaction Adding classes and subclasses Search the Help index for classes, turning on in QuickBooks classes, assigning to a transaction classes, adding 12 Chapter 2 Setting up a new company

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